L&T Infotech, the unlisted technology arm of engineering and construction major Larsen & Toubro, plans to become a $1 billion company through expansion and acquisitions, a senior executive said on Monday. “In terms of size, we are not competing with top tier companies, but we want to be in tier I when it comes to quality, reputation and service,” L&T chairman AM Naik told reporters at a conference.
L&T Infotech is a mid-sized company, with annual revenues of $287 million, in FY07. While there has been speculation about L&T’s plans to list the company, Mr Naik and senior company officials have maintained that a public float could only be next year.
L&T Infotech plans to invest around Rs 1,000 crore in the next 3-4 years. “We have planned an investment of around Rs 500-600 crore for L&T Infotech and nearly Rs 200-300 crore for our engineering services businesses,” said Mr Naik.
Read more in The Economic Times article.
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